Categories Finance, LATEST, U.S. Markets News

Martin Shkreli bitten by Karma; Held liable for investor losses

Martin Shkreli’s notorious brilliance in pumping up the price of Daraprim, an antiparasitic drug, by 5,000% had earned him the sobriquet – The most hated CEO – in 2015.

Now, after three years, Shkreli aka “Pharma Bro” is staring at a decade-long sentence after being convicted in an unrelated case. Karma is like a boomerang, or so they say!

Courtesy : Wikimedia Commons

Shkreli is accused of misleading his investors about two of his failed hedge funds, and is held responsible for causing losses of around $10.4 million. Shkreli hid the losses from his investors, started the drug company Retrophin and then used its assets to pay them back. He even made a profit. But the prosecution argued that Shkreli did not deserve credit for this repayment because he made risky investments without the knowledge or permission of his investors using their money.

This ruling comes as a blow to the defense lawyers who were pushing for a lighter sentence.

The court rejected the defense’s argument that there was no loss as the investors had gotten back their money along with some more. The judge pointed out that by the time Shkreli had started to move the money from Retrophin to his hedge fund, the fraud had already been spotted.

The sentence, which could go up to 20 years of imprisonment, is set for March 9.

Most Popular

Earnings Preview: Home Depot’s Q3 report likely to reflect weak consumer demand

The US housing industry has been mostly resilient to headwinds like economic uncertainties so far this year. However, housing activity cooled in recent months as high mortgage rates and inflation

Take-Two Interactive (TTWO) will report Q2 2025 earnings this week, a few points to note

Shares of Take-Two Interactive Software, Inc. (NASDAQ: TTWO) stayed red on Monday. The stock has gained 16% over the past three months. The gaming company is set to report its second

Earnings Summary: Highlights of Loews Corporation’s (L) Q3 2024 report

Loews Corporation (NYSE: L), a diversified company with businesses in the insurance, energy, hospitality, and packaging industries, on Monday reported higher revenue and profit for the third quarter of 2024.

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top